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《大行報告》匯豐研究降安踏(02020.HK)目標價至145.6元 維持「買入」評級
阿思達克 03-25 14:27
匯豐研究發表研究報告指,安踏(02020.HK)收入在去年上半年下跌1%後,去年下半年已回升9%,符合預期,下半年經營溢利更超出該行預期約20%,經營溢利率亦由上半年的16.4%回升至下半年的21.9%。在匯兌損失高於預期下,下半年淨利僅較該行預期高出3.9%。

報告指出,去年度線上收入增長54%,在直接向消費者銷售的模式帶動下,管理層訂立目標2021至2025年線上收入每年增長逾30%。匯豐研究因此將安踏2020至2022年收入複合增長預期由24.2%提升至27.8%,並預期安踏品牌的經營溢利率於期內可提升至20%,集團今明兩年經營溢利預測上調7%及1%。該行並料2020至2022年淨利潤複合增長35%,同期收入複合增長28%。

匯豐研究認為,安踏自去年疫情疲弱市況中恢復很好,預期安踏品牌銷售去化率將由去年的下跌5%,回升至增長逾20%,而Fila今年更料增長加快至30%。該行預期今年集團收入可增長34%,在此輪上升週期中增長可支撐其估值,維持「買入」評級,以2022年預測市盈率35倍計,目標價由155元降至145.6元。

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